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Netflix's co-founder Mitch Lowe discusses whether the streaming company is at the "must have" level yet. "Remember how long it took HBO to get to this point," he says, adding "it will take a couple quarters of good shows like House of Cards."

Netflix holds a video discussion after the company reported its Q2 earnings, with CEO Reed Hastings and CFO David Wells. The call is moderated by Rich Greenfield of BTIG Research, and CNBC's Julia Boorstin, who ask questions submitted via email or Twitter.

CNBC's Julia Boorstin reports on the expectations for Netflix's earnings; and Zach Seward of Quartz, shares his opinions on whether Netflix is the new HBO, and if Apple would be interested in buying the streaming company.